-AAkufoddo, who has been championing the concept of Ghana beyond aid, said borrowing money for development is not "a betrayal" of his mantra of an independent Ghana.
President Nana Akufo-Addo has said his government won’t stop borrowing because “everybody borrows money.”
Akufo-Addo, who has been championing the concept of Ghana beyond aid, said borrowing money for development is not “a betrayal” of his mantra of an independent Ghana.
The president was speaking at an entrepreneurship forum in Nigeria on Thursday organised by the Tony Elumelo Foundation when he was asked about his government’s borrowing culture.
In response, he said: “We will borrow money; everybody borrows money. The United States of America is one of the biggest debtors in the world.
“So borrowing money is not necessarily a betrayal of the concept of independence. The key for us in borrowing money is that we borrow money to create assets that will allow us to pay the money back.
“That is the key…If we borrow the money and use it properly it is an asset for us in expanding our economy and infrastructure.”
President Akufo-Addo while in opposition, together with vice president Mahamudu Bawumia, slammed the erstwhile NDC administration of saddling Ghana with debts through excessive borrowing.